Import controls in Mexico ____________
a. will ease the pressure on Mexico's foreign exchange reserves if its exchange rate is fixed
b. are illegal
c. reduce tariffs
d. are designed to float the exchange rate
e. reduce quotas
A
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A normal good is a good whose quantity demanded
a. rises when its price falls. b. falls when the price of a related good falls. c. falls when the consumer's total utility rises. d. rises when the consumer's real income increases.
Adam Smith's notion of the invisible hand served as the foundation of
a. mercantilist thought. b. the philosophy of protectionism. c. the liberal economic thought of the nineteenth century d. the neo-Marxian tradition. e. none of the above.
Inefficiency can be caused in a market by the presence of
a. market power. b. externalities. c. imperfectly competitive markets. d. All of the above are correct.
An automatic stabilizer tends to increase GDP when it is rising.
a. true b. false